Clio, the leader in cloud-based legal technology, announced today it has raised US$250 million in Series D funding from TCV and JMI Equity. This growth investment marks one of the largest in legal technology, the largest in Canadian history, and a definitive shift for the future of the legal industry.
According to the US Census data, Americans spent US$261 billion on legal services in 2012. Yet, 77% of legal problems don’t receive legal assistance, according to the World Justice Project.
“Over three-quarters of legal problems don’t receive legal assistance, yet lawyers are struggling to find new clients—it’s clear that something in the system is broken,” said Jack Newton, CEO and Co-founder of Clio. “Clio is committed to building the essential operating system for lawyers, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services. This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment from experienced growth software investors will accelerate our ability to realize this vision.”
Clio’s first 10 years, and its two rounds of funding to date, totaling US$26 million, focused on bringing cloud technology to law firms—a revolutionary step forward from the expensive, outdated, on-premise solutions that were out of reach for most lawyers. With this growth investment, Clio will work to transform the practice of law for good by creating cloud-based solutions designed to help law firms deliver client-centered experiences and make legal services more widely accessible.
“At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers,” said Amol Helekar, Principal at TCV, and a member of Clio’s board of directors. “Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalize on their significant growth opportunities,” added Jake Reynolds, General Partner at TCV.
TCV and JMI have been investment partners to innovative technology companies such as Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify, and have helped these businesses achieve their growth objectives.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” said Matt Emery, General Partner at JMI Equity who has joined Clio’s board of directors. “Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” added Sureel Sheth, Principal at JMI.
Clio’s customers can expect to see ongoing investment in the depth and breadth of Clio’s offerings, with even more powerful and flexible tools for legal professionals to manage and grow their practices, making them more efficient and sustainable as businesses. Mark Britton, former Expedia executive and founder of legal marketplace Avvo.com, will be joining Clio’s board of directors to provide his own industry experience as the company brings its vision for the future of legal to market.
Raymond James served as a buyside financial advisor to TCV for this investment.
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